Europe and US wrestle for control of global markets - by Tom Baldwin
A weekend meeting at Camp David with President Sarkozy of France and José Manuel Barroso, the European Commission President, produced a joint statement promising to hold “a series of summits on addressing the challenges facing the global economy”. The first will be held soon after the US elections on November 4, when Mr Bush will still be President. He hopes to put his stamp on policies that will largely be implemented by either Barack Obama or John McCain after one of them is inaugurated on January 20. Mr Bush said: “As we make the regulatory institutional changes necessary to avoid a repeat of this crisis, it is essential that we preserve the foundations of democratic capitalism — commitment to free markets, free enterprise and free trade. “We must resist the dangerous temptation of economic isolationism and continue the policies of open markets that have lifted standards of living and helped millions of people escape poverty around the world.”
Mr Sarkozy, who holds the rotating presidency of the European Union, which has a tradition of deeper and stronger intervention in markets, advocates a new form of “regulated capitalism” because there is “no liberty without some regulation and stability”.
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